Eurozone: Mixed PMIs data – TDS

According to analysts at TD Securities Eurozone’s flash February PMIs were a mixed bag.

Key Quotes

“The euro-wide Services PMI rising to 52.3 (France rose to 49.8, but remained below 50 on account of the "gilets jaunes" protests, and Germany jumped sharply to 55.1), while the euro-wide Manufacturing PMI fell to 49.2 (with a small increase in France but a sharp deterioration in Germany).”

“In Germany, the Manufacturing PMI fell to 47.6 (its lowest level since 2012). New orders component fell to 42.6, its fifth consecutive month of contraction. The auto sector and demand from Asia appear to be the key factors in this decline. Manufacturing output also fell into contraction territory for the first time since 2013, despite continued gains in employment.”

“Today's PMIs highlight the growing divergence between consumers and firms in the euro area: the Services PMIs point to strength in household spending and general domestic demand conditions, while the Manufacturing PMIs reflect much weaker production in recent months.”